Polygon Network, a major player in the blockchain industry, has seen a steady decline in the value of its native token, MATIC, in recent weeks. This is not surprising given the negative market sentiment affecting many altcoins. While the volatility of MATIC's price may present opportunities for traders, it also poses a risk for inexperienced investors. On-chain analytics platform Santiment has reported large whale transactions on the Polygon network, suggesting that holders are selling off their MATIC tokens.

At the time of writing, MATIC's price is $0.8675, down 44.53% since February 18, 2023, and its 24-hour trading volume is down by 15.38% to $375 million. MATIC is currently trading below both the 50-Day and 200-Day SMAs, indicating a bearish trend in the short and long term. Traders may utilize this trend to sell or avoid MATIC until it recovers fully.